Photo by Christian van Elven onĀ

Philips announced that it will eliminate 4,000 positions worldwide. The company’s turnover was reported to have dropped by 5% to 4.3 billion euros in the third quarter of 2022. During this time, the firm lost 1.5 billion euros.

The technology business with headquarters in the Netherlands has released a report on Philips’ third-quarter sales.

Philips said that business assets fell and sales decreased for the fifth consecutive quarter.

The third quarter of 2022 saw a 5 percent drop in the company’s revenue to 4.3 billion euros, resulting in a 1.5 billion euro loss. The business reported a 358 million euro profit for the third quarter of last year.

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